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Norges Bank Invests $1.71 Million in VNET Group, Inc. (NASDAQ:VNET)

VNET Group logo with Computer and Technology background

Norges Bank bought a new position in shares of VNET Group, Inc. (NASDAQ:VNET - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 360,272 shares of the information technology services provider's stock, valued at approximately $1,708,000. Norges Bank owned about 0.14% of VNET Group at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Catalina Capital Group LLC acquired a new position in shares of VNET Group during the 4th quarter worth $54,000. Wolverine Trading LLC acquired a new stake in shares of VNET Group during the third quarter worth $46,000. Blue Trust Inc. grew its holdings in VNET Group by 29.1% in the 4th quarter. Blue Trust Inc. now owns 54,311 shares of the information technology services provider's stock valued at $257,000 after buying an additional 12,237 shares during the period. Walleye Capital LLC purchased a new stake in VNET Group in the third quarter valued at approximately $115,000. Finally, Asset Management One Co. Ltd. acquired a new stake in shares of VNET Group during the 4th quarter worth $152,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

VNET has been the topic of several analyst reports. StockNews.com downgraded VNET Group from a "hold" rating to a "sell" rating in a report on Friday, March 14th. Nomura Securities upgraded VNET Group to a "strong-buy" rating in a research note on Friday, February 21st. Finally, Citigroup lifted their price target on shares of VNET Group from $16.10 to $20.00 and gave the company a "buy" rating in a report on Friday, March 14th. One research analyst has rated the stock with a sell rating, four have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $9.30.

View Our Latest Stock Report on VNET Group

VNET Group Stock Up 6.6 %

VNET traded up $0.32 during trading on Thursday, hitting $5.06. The company had a trading volume of 3,213,659 shares, compared to its average volume of 3,961,450. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.46. VNET Group, Inc. has a one year low of $1.42 and a one year high of $16.13. The company has a market capitalization of $1.30 billion, a PE ratio of -2.30, a PEG ratio of 1.01 and a beta of 0.15. The firm's 50-day moving average price is $9.70 and its 200 day moving average price is $6.34.

VNET Group (NASDAQ:VNET - Get Free Report) last released its quarterly earnings results on Wednesday, March 12th. The information technology services provider reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.04). VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. The business had revenue of $307.75 million during the quarter, compared to analyst estimates of $284.88 million. As a group, equities analysts expect that VNET Group, Inc. will post -0.06 earnings per share for the current year.

VNET Group Company Profile

(Free Report)

VNET Group, Inc, an investment holding company, provides hosting and related services in China. It offers managed hosting services consisting of managed retail services, such as colocation services that dedicate data center space to house customers' servers and networking equipment, as well as allow customers to lease partial or entire cabinets for their servers; interconnectivity services that allow customers to connect their servers; value-added services, including hybrid IT, bare metal, firewall, server load balancing, data backup and recovery, data center management, server management, and backup server services; cloud services that allow customers to run applications over the internet using IT infrastructure; and VPN Services that extend customers' private networks by setting up connections through the public internet.

See Also

Institutional Ownership by Quarter for VNET Group (NASDAQ:VNET)

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